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TEXTBOOK: Ch. 2 notes - Coggle Diagram
TEXTBOOK: Ch. 2 notes
learning objectives
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Distinguish between production possibilities and preferences and describe an efficient allocation of resources
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Explain how current production choices expand future production possibilities, change what we produce, and destroy and create jobs
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vocab
production possibilities frontier (PFF): the boundary between the combination of quantities that products and services that can be produced, and the combinations that can't
allocative efficiency: when goods and services are produced at the lowest possible cost, while providing the greatest benefit
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